Regulation Risks We operate in a legal and regulatory environment that

Outstanding Balance as of December 31, 2014 Expected Maturity Date Fair value Foreign Currency million Rp Equiv. Rp million 2015 2016 2017 2018 2019 Thereafter Rp million ASSETS Cash and cash Equivalents US Dollar 364 4,526,838 4,526,838 - - - - - 4,526,838 Japanese Yen 8 875 875 - - - - - 875 Other 1 16 193,242 193,242 - - - - - 193,242 Other Current Financial Assets US Dollar 16 191,607 191,607 - - - - - 191,607 Trade Receivables Related Parties US Dollar 2 25,442 25,442 - - - - - 25,442 Third Parties US Dollar 73 903,403 903,403 - - - - - 903,403 Other 1 3 35,384 35,384 - - - - - 35,384 Other Receivables US Dollar 4,876 4,876 - - - - - 4,876 Other 1 1,381 1,381 - - - - - 1,381 Advances and Other Non-current Assets US Dollar 4 50,535 49,654 881 - - - - 50,535 Other 1 610 610 - - - - - 610 LIABILITIES Trade Payables Related Parties US Dollar 2,560 2,560 - - - - - 2,560 Other 1 2,001 2,001 - - - - - 2,001 Third Parties US Dollar 216 2,680,998 2,680,998 - - - - - 2,680,998 Japanese Yen 19 2,162 2,162 - - - - - 2,162

3. Exchange Rate Risk We are exposed to foreign exchange risk on sales,

purchases and borrowings that are denominated in foreign currencies, primarily in U.S. dollar and Japanese yen. Our exposures to other foreign exchange rates are not material. Increasing risks of foreign currency exchange rates on our obligations are expected to be offset by time deposits and receivables in foreign currencies that are equal to at least 25 of the outstanding current liabilities. The information presented in the following table is based on assumptions of selling and buying rates in US Dollar as well as other currencies, which were quoted by Reuters on December 31, 2014 and applied respectively to monetary assets and liabilities. The buying and selling rates as of December 31, 2014 were Rp12,380 and Rp12,390 to US1, respectively. However, we believe these assumptions and the information described in the following table may be influenced by a number of factors, including a fluctuation andor depreciation of the Rupiah in the future. 256 2014 Annual Report PT Telkom Indonesia Tbk Persero FINANCIAL AND PERF ORMANCE HIGHLIGHT MANA GEMENT REPOR T PREF A GENERAL INF ORMA TION OF TELK OM INDONE SIA MANA GEMENT’S DISCUSSION AND ANAL Y SIS CORPORA TE GO VERNANCE SOCIAL AND ENVIRONMENT AL RE SPONSIBILITY APPENDICE S Outstanding Balance as of December 31, 2014 Expected Maturity Date Fair value Foreign Currency million Rp Equiv. Rp million 2015 2016 2017 2018 2019 Thereafter Rp million Other 1 3 42,406 42,406 - - - - - 42,406 Other Payables US Dollar 3 42,548 42,548 - - - - - 42,548 Other 1 1 14,327 14,327 - - - - - 14,327 Accrued Expenses US Dollar 66 819,711 819,711 - - - - - 819,711 Japanese Yen 27 2,839 2,839 - - - - - 2,839 Other 1 1 12,666 12,666 - - - - - 12,666 Advances from Customer and Suppliers US Dollar 2 29,884 29,884 - - - - - 29,884 Other 1 825 825 - - - - - 825 Short term bank loan US Dollar 100 1,244,000 1,244,000 - - - - - 1,244,000 Current Maturities of Long-Term Liabilities US Dollar 35 429,510 429,510 - - - - - 451,194 Japanese Yen 768 79,585 79,585 - - - - - 102,045 Promissory Notes US Dollar 7 88,665 64,008 23,371 1,286 - - - 88,191 Long-term liabilites 2 US Dollar 71 880,772 - 317,305 231,678 131,237 93,559 106,993 868,178 Japanese Yen 6,911 716,264 - 79,585 79,585 79,585 79,585 397,924 727,034 1 Assets and liabilities denominated in other foreign currencies are presented as U.S. dollar equivalents using the Reuters buy and sell rates prevailing at end of the reporting period. 2 Long-term liabilities for the purpose of this table consist of loans denominated in foreign currencies from two-step loans, obligation under finance leases and long-term bank loans.

4. Interest Rate Risk Our exposure to interest rate fluctuations results primarily

from changes to the floating rate applied for long-term debt. This risk relates to loans under the Government on-lending program that has been used to finance our capital expenditures. Interest rate fluctuation is monitored to minimize any negative impact to financial position. Borrowings at variable interest rates expose our Company and our subsidiaries to interest rate risk. To measure market risk fluctuations in interest rates, our Company and our subsidiaries primarily use interest margin and maturity profile of the financial assets and liabilities based on changing schedule of the interest rate. The actual cash flows from our debt are denominated in Rupiah, US Dollar, and Japanese Yen, as appropriate and as indicated in the table. The information presented in the table has been determined based on the following assumptions: i fixed interest rates on Rupiah time deposits are based on average interest rates offered for three month placements in effect as of December 31, 2014 by the banks where such deposits were located; ii variable interest rates on Rupiah denominated long- term liabilities are calculated as of December 31, 2014 and are based on contractual terms setting interest rates based on average rates for the preceding six months on three month certificates issued by Bank of Indonesia or 257 2014 Annual Report PT Telkom Indonesia Tbk Persero Outstanding Balance as of December 31, 2014 Expected Maturity Date Fair value Original Currency million Rp Equiv. Rp million Rate 2015 2016 2017 2018 2019 Thereafter Rp million ASSETS Fixed Rate Cash and Cash Equivalents Time deposit Rupiah 11,531,450 11,531,450 4 - 11.5 11,531,450 - - - - - 11,531,450 U.S Dollar 279 3,460,434 0.03 - 3 3,460,434 - - - - - 3,460,434 Other Current Financial Assets Time deposit U.S Dollar 9 110,472 0.85 - 1.00 110,472 - - - - - 110,472 Available-for-sale-securities Rupiah 120,360 120,360 6.88 - 7.25 120,360 - - - - - 120,360 U.S Dollar 7 82,135 10.40 - 11.8 82,135 - - - - - 82,135 LIABILITIES Short-term Bank Loans Variable Rate Rupiah Principal 480,983 480,983 480,983 - - - - - 480,983 Interest U.S. Dollar Principal 100 1,244,000 1,244,000 - - - - - 1,244,000 Interest Fixed Rate Rupiah Principal 85,000 85,000 85,000 - - - - - 85,000 Interest Long Term Liabilities 1 Variable Rate Rupiah Principal 10,921,317 10,921,317 3,751,311 2,281,449 1,962,849 1,759,891 610,134 555,683 10,770,905 Interest 2,316,162 2,316,162 8 - 15 905,120 624,331 413,806 236,611 85,450 50,843 US Dollar Principal 56 692,552 299,676 219,813 127,168 30,407 15,488 - 687,484 Interest 1 13,495 1.14 - 6 6,441 4,382 1,946 604 122 - Fixed Rate based on the average three month deposit rate offered by the lenders; iii fixed interest rates on US Dollar deposits are based on average interest rates offered for three month placements by the various lending institutions where such deposits are located as of December 31, 2014 and iv the value of marketable securities is based on the value of such securities on December 31, 2014. However, these assumptions may change in the future. These assumptions are different from the rates used in our Consolidated Financial Statements; accordingly, amounts shown in the table may differ from the amounts shown in our Consolidated Financial Statements. 258 2014 Annual Report PT Telkom Indonesia Tbk Persero FINANCIAL AND PERF ORMANCE HIGHLIGHT MANA GEMENT REPOR T PREF A GENERAL INF ORMA TION OF TELK OM INDONE SIA MANA GEMENT’S DISCUSSION AND ANAL Y SIS CORPORA TE GO VERNANCE SOCIAL AND ENVIRONMENT AL RE SPONSIBILITY APPENDICE S